ELDN: 1Q26 Results In Line With Expectations; Moving Forward on Multiple Fronts

Research evidence excerpt

ELDN: 1Q26 Results In Line With Expectations; Moving Forward on Multiple Fronts

May 14, 2026

Vamil Divan, M.D. vamil.divan@guggenheimpartners.com ELDN: 1Q26 Results In Line With Expectations;

212 823 6543 Moving Forward on Multiple Fronts

Edouard Mullarky, Ph.D.

edouard.mullarky@guggenheimpartners.com

212 518 9579 Key Message: Eledon reported their 1Q 2026 financial results and provided a corporate

update after the close. Overall, there is relatively limited new information from when the Arseniy Shabashvili

arseniy.shabashvili@guggenheimpartners.com company reported 4Q 2025 results less than 2 months ago, but we are encouraged by

212 699 1971 where things stand for the company now on multiple fronts. Most importantly, we expect

the company to receive FDA guidance on the Phase 3 trial design for tegoprubart in Daniel Krizay, Ph.D. kidney transplantation, followed by the company starting a Phase 3 trial later this year. daniel.krizay@guggenheimpartners.com

212 823 6561 In addition, the company continues to expect regulatory guidance this year on the path

to market for tegoprubart in both islet cell transplantation and xenotransplantation. The

next data update we expect from the company will be long-term data from the Phase 1b

and Phase 2 BESTOW trials for tegoprubart in kidney transplantation, which we believe

ELDN BUY mayboth comeR&D andat nextSG&Amonth'scameAmericanin modestlyTransplantbelow ourCongress.estimates,Forwith1Q 2026the companyfinancialbookingresults,

Eledon Pharmaceuticals, Inc. no product revenue as lead asset tegoprubart is still in clinical development. We are

Sector: Biotechnology making modest adjustments to our company model (namely revising down our operating

expense assumptions) to account for the 1Q 2026 run rate. The company ended 1Q 2026